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Pi Labs: VC firm’s proptech startup cohort raises £15m

Pi Labs 2022 cohort

Nine early-stage proptech startups are on course to secure a combined $18.6m (£14.8m) in funding after completing venture capital firm Pi Labs’ accelerator programme.

The London-headquartered VC selected the startups based on their “potential to reshape the future of the physical world and how we engage with the built environment”.

The technology being developed by the startups includes software to automate architectural floor plans and tech to compare the climate resilience of construction projects.

All nine of the companies, which includes three female co-founded startups, have secured early-stage capital.

The Pi Labs 2022 Growth Programme cohort included three UK-based startups: Moonhub, Route Konnect and SymTerra.

Moonhub, a London-based startup that provides virtual reality employee training software, closed a £2m seed funding round in April, which included an investment from Pi Labs.

Last month Cardiff-based Route Konnect, which develops internet of things (IoT) sensors to manage traffic movement, raised $1m in a pre-seed round.

Pi Labs said it facilitated “over 240” introductions between the proptech startups and VCs and angel investors.

“Despite the challenging fundraising climate, particularly for early-stage technology startups, the volume of capital that this group has secured reflects both their quality and the weight of funds targeting proptech,” said Faisal Butt, CEO and founder of Pi Labs.

“We’re laser-focused on finding and backing innovators who can address some of the most pressing needs across the real estate value chain, and working with founders who will positively impact how we build and engage with the physical world.”

Pi Labs has invested in 72 proptech companies globally, with 55 of those coming via its accelerator programme over the last 10 years. Other proptech firms within its portfolio include office search platform Hubble and UK property investment insight platform Realyse.

In March, the VC firm secured $90m ( £68.7m) for its latest fund to invest in real estate technology startups globally.